BHUSD - SERP Meeting - Classified Employees

What

BHUSD - SERP Meeting - Classified Employees

When

1/21/2016, 3:30 PM

Where

BHHS - STC Building Cherney Lecture Hall

BEVERLY HILLS UNIFIED SCHOOL DISTRICT

is offering

SUPPLEMENTAL EMPLOYEE RETIREMENT PLAN (SERP)

FOR ELIGIBLE CERTIFICATED NON-MANAGEMENT EMPLOYEES OF THE DISTRICT

The Beverly Hills Unified School District is pleased to announce that the Board of Trustees has approved the offering of a Supplemental Employee Retirement Plan (SERP). This program will provide eligible employees with a monthly income supplement to their regular CalSTRS / CalPERS retirement benefits or other retirement income.

All forms of benefits are annuities that will be purchased from an insurance company. The cost of each annuity is the same, and equals 75% of my annual salary for the current school year if.

The SERP is a voluntary plan for employees who meet all Eligibility Guidelines including but not limited to:

1. Employee must be a Certificated (Non-Management) employee of the District.

2. Employee must be at least 55 years of age by June 30, 2016.

3. Employee must have at least five (5) years of service with the District by June 30, 2016.

4. Employee must be eligible to retire from CalSTRS/CalPERS.

5. Employee must retire from the District on or before June 30, 2016.

6. Employee must submit a Letter of Resignation and SERP Enrollment Package by February 23, 2016.

* March 3 – Final Approval Pending SERP Savings Verification (if necessary). Employees reserve the right to rescind their resignation/retirement should the Plan not be approved. BVUSD reserves the right to not approve the plan, if it is not cost effective.